Financial Deepening and Economic Development in East Asia: Information, Institutions, and Norms

本研究考察了金融发展的重要因素，并探讨了金融发展对东亚国家实体经济活动的影响。本研究的主要发现如下：(1)外商直接投资（FDI）的引入改善了中国银行体系中明显的扭曲。在控制其他因素的情况下，外国直接投资流入对当地金融发展产生了显著的积极影响，改善了私营部门公司获得正规银行融资的机会，并促进了接收省份的存款调动。(2)在日本，银行集中度对规模较大企业主导行业的就业增长有正向影响，而对规模较小企业主导行业的就业增长有负向影响。

This study examines the important factors for financial development and explores the impact of financial development on real economic activities in East Asian countries. The main findings of the study are as follows. (1) The introduction of foreign direct investment (FDI) improves the distortions apparent in China’s banking system. Controlling for other factors, FDI inflows exert significant positive influences on local financial development, improving private sector firms’ access to formal bank finance and facilitating deposit mobilization in the recipient provinces. (2) In Japan, bank concentration has a positive effect on employment growth in industries dominated by relatively larger firms, but a negative effect on employment growth in industries dominated by smaller firms.